CoreCivic Inc. (CXW) stock rises during after-hour trading. Here’s what’s happening?

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CoreCivic Inc. (NASDAQ: CXW) stock declined by 2.84% at the last close whereas the CXW stock price surges by 8.76% in the after-hours trading session. CoreCivic is a diverse government solutions company with the expertise and knowledge to handle difficult government problems in a versatile and cost-effective manner. Corrections and detention management, a network of residential re-entry centres to help solve America’s recidivism epidemic, and government real estate solutions are just some of the services CoreCivic offers to government partners.

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CXW stock’ Recent Update

CoreCivic, Inc. has a direct deal with the US Marshals Service (USMS) at the 600-bed West Tennessee Detention Facility in Mason, Tennessee, which is due to end on September 30, 2021, as noted previously. The USMS has presented the Company with a specific inmate population ramp down strategy, suggesting that all convicts will be moved out by September 30, 2021. As a consequence, the Company does not anticipate the USMS to utilize its current deal’s renewal option.


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The Firm has been constantly promoting the West Tennessee Detention Facility to other government agencies, and in August 2021, it issued a formal response to a government agency’s request for proposal to use the facility. CXW, on the other hand, cannot guarantee that it will be successful in securing a new contract with the government agency.

Moreover,

For the fiscal years ending December 31, 2020, and June 30, 2021, the USMS at the West Tennessee Detention Facility generated $18.4 million and $10.2 million in revenue, accordingly. The facility lost $1.4 million in net operating income for the year ended December 31, 2020, and $0.8 million in net operating income for the first half 2021.

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More about the company,

CoreCivic is the biggest private operator of real estate used by government agencies in the United States and asserts it is the leading private owner of partnership correctional, detention, and residential reentry facilities in the country. For more than 35 years, CoreCivic has been a trusted and dynamic partner for the government.

 

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